At first glance, emergency lighting might not seem like an industry that would get explosive growth. However, it has defied expectations by steadily growing and even earning billions in revenues in the past couple of years. In fact, experts forecast that this sector will continue to grow up until 2020 and beyond and conquer markets outside the U.S. This is good news for emergency lighting manufacturers who are concerned about the status of the industry as well as for consumers who want to have access to high-quality products.
In its 2015 Global Emergency Lighting Market study, consulting company Frost and Sullivan found out that the industry has earned significant revenues in 2014 amounting to $3.28 billion. There are many factors that have contributed to this rise in revenue, and one of these is the stricter regulations on fire and safety enforced by governing bodies (such as OSHA in the U.S. and the British Standards Institute in the UK). These regulations leave construction companies with no choice but to comply with the rules and install emergency lights in buildings at the time of construction. This, coupled with the fact that many commercial and industrial structures have been built in the past few years, has led to the adoption of emergency light usage in the building industry.
Emergency Lighting Industry
The improvement of emergency lighting technology has also helped boost the industry. Consumers appreciate the fact that energy-efficient and high-performance LED lights, as well as more powerful lithium ion batteries, are now available in the market. The fact that the average selling price of LEDs is continuously falling also helps convince consumers that emergency lights are worth the investment.
The advent of smart homes has surprisingly helped fuel the growth of the industry. Many homeowners install emergency lights in their property mainly because of the fact that they can now be controlled through their owners’ smartphones and tablets. This sheer curiosity later evolves into actual need when people realize just how much emergency lighting can help improve their home’s safety and security.
Of course, it’s important to note that the emergency lighting industry does struggle with several challenges. The market maturity in Western countries means that companies have to work harder to innovate their products and increase their market share. Those who want to enter markets in the East, meanwhile, have to deal with the lack of awareness of the importance of emergency lighting.
Still, it seems that these challenges won’t greatly affect the industry’s future growth. Frost and Sullivan estimates that revenues earned by the industry will reach an impressive $4.91 billion in 2018. Company research firm Research and Markets, on the other hand, predicts that the LED emergency lighting industry will grow up to 11 percent by 2022.
These optimistic forecasts can give emergency lighting manufacturers the inspiration they need to come up with more innovative products that will make them get noticed by their target audience. Consumers, meanwhile, will want to work with a manufacturer sales representative that provides professional consulting services and can help them choose the best possible emergency lights for their needs.
Peninsula Technical Sales represents electronic equipment manufacturers and is proud to offer our services online and to the following cities and their surrounding areas: San Francisco, Santa Clara, San Jose, Fremont, Sacramento, Milpitas, and Santa Rosa.